How Elon Musk’s Plan To Slash Government Agencies And Regulation May Benefit His Empire

Earlier this month, Musk and former Republican presidential candidate Vivek Ramaswamy were tapped by Trump to lead a government efficiency group called the Department of Government Efficiency, or DOGE. This government group, they said, will “pursue three major kinds of reform: regulatory rescissions, administrative reductions and cost savings.” As head of the Department of Government Efficiency, Elon Musk has promised to slash $2 trillion from the federal budget. One way he’s suggested doing this is by consolidating some of the country’s over 400 federal agencies, many of which regulate his companies. Musk’s empire includes aerospace firm SpaceX, electric vehicle maker Tesla, social media company X and artificial intelligence startup xAI among others. Chapters: 1:55 Government cash 6:15 Relaxing regulation 13:55 China challenge Produced by: Magdalena Petrova Edited by: Erin Black Graphics: Christina Locopo, Jason Reginato Additional camera: Jordan Smith Supervising producer: Jeniece Pettitt Editorial support: Lora Kolodny Additional footage: Getty Images Additional sources: Federal Register » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Want to earn more money at work? Take CNBC’s new online course How to Negotiate a Higher Salary. Expert instructors will teach you the skills you need to get a bigger paycheck, including how to prepare and build your confidence, what to do and say, and how to craft a counteroffer. Register now and use coupon code EARLYBIRD for an introductory discount of 50% off through Nov. 26, 2024: https://cnb.cx/4f4s3rZ Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC on Threads: https://cnb.cx/threads Follow CNBC News on X: https://cnb.cx/FollowCNBC Follow CNBC on WhatsApp: https://cnb.cx/WhatsAppCNBC #CNBC How Elon Musk’s Plan To Slash Government Agencies And Regulation May Benefit His Empire